abce certificate
Sunday, 20 July, 2008, 22:40 GMT | more prices >>

Keppel sees first quarter profits slide



By Upstream staff 

Singapore’s Keppel Corporation reported that both first quarter profits and revenues from the group’s Offshore & Marine (O&M) division were about 9% lower than the corresponding period last year, due to timing differences in recognition of revenue from the outstanding order book.

The group said January to March revenue for the O&M unit was about S$1,400 million (US$1,030 million) lower than the same time last year at just under S$1.4 billion, while net profit for the quarter touched S$139 million, down from S$152 million last year.

The division secured a modest S$664 million of new orders during the first quarter, but the net order book of S$11.8 billion will keep Keppel’s yards busy for several years with deliveries into 2011, said the group.

“With oil companies striving to sustain output and replenish hydrocarbon reserves, exploration & production spending remains robust and we continue to receive healthy enquiries in all segments, including conversions, jack-ups and deep-water units,” Keppel said in a financial statement.

The Keppel O&M division comprises both Keppel FELS and Keppel Shipyard, making it the largest rig-building and marine group in the region.

The unit has a global network of 17 yards and more than 10 support operations.


Friday, 25 April, 2008, 03:20 GMT  | last updated: Friday, 25 April, 2008, 04:52 GMT

e-mail this article to a colleague


to email:  from:
comments: